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"The current world situation is similar to that of 2008," Mantega told the IMF's steering committee in a statement on behalf of several Latin American nations.
But, he said, "Emerging market and developing countries are responsible for the larger share of world economy growth" and have a bigger role to play.
Mantega added, though, that European policymakers were responsible "to ensure that their actions stop contagion beyond the euro periphery."
Copyright AFP (Agence France-Presse), 2011